Hong Kong fintech unicorn WeLab raises $240M to buy Indonesian bank – TechCrunch

Date:

A virtual bank is coming to Indonesia soon. WeLab, Hong Kong-based fintech unicornAnnounced the acquisition of Indonesian commercial bank Bank Jasa Jakarta (BJJ) on Tuesday.

With this deal, WeLab plans to launch a digital bank later next year to capture the country’s huge bank-less population.

The WeLab-led consortium has raised $ 240 million from existing and new investors. The company claims that this is Indonesia’s largest fintech funding this year. The company said the capital would be directed to acquire BJJ shares and “technical investments.”

A consortium called WeLab Sky Acquired shares of BJJ and became the only controlling shareholder. WeLab Sky has already purchased a 24% stake in the bank, but the remaining stake for majority control will be transferred with regulatory approval.

Supported by Hong Kong billionaires Li Ka-shing’s TOM groupLast year, WeLab opened its first digital bank in Hong Kong, a global financial center. The company currently operates a range of consumer fintech products throughout Asia, including virtual banks and home-based lending products, as well as several types of lending services in mainland China and Indonesia. It also provides traditional financial institutions with services that “enable” technology.

In terms of user size, WeLab said it has more than 150,000 digital banking customers. Maucash, an online lending app for Southeast Asia launched through a joint venture with Astra International, has more than 3 million Indonesian users.

High-tech companies have been competing for young Indonesian high-tech consumers. For more notable players, Xendit, Newly made unicorn Payfazz, a provider of digital payment infrastructure, Mobile app for handling daily financial tasks, And GoTo, a payment gateway under the giant GoTo.

Hong Kong fintech unicorn WeLab raises $240M to buy Indonesian bank – TechCrunch Source link Hong Kong fintech unicorn WeLab raises $240M to buy Indonesian bank – TechCrunch

The post Hong Kong fintech unicorn WeLab raises $240M to buy Indonesian bank – TechCrunch appeared first on California News Times.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related